Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 25, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SPARTAN MOTORS INC | |
Entity Central Index Key | 0000743238 | |
Trading Symbol | spar | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 35,321,321 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 17,897 | $ 27,439 |
Accounts receivable, less allowance of $409 and $133 | 122,083 | 106,801 |
Contract assets | 46,077 | 36,027 |
Inventories | 82,065 | 69,992 |
Other current assets | 5,664 | 5,070 |
Total current assets | 273,786 | 245,329 |
Property, plant and equipment, net | 55,595 | 56,567 |
Right of use assets-operating leases | 14,953 | |
Goodwill | 31,874 | 33,823 |
Intangible assets, net | 8,203 | 8,611 |
Other assets | 2,638 | 2,313 |
Net deferred tax asset | 7,759 | 7,141 |
TOTAL ASSETS | 394,808 | 353,784 |
Current liabilities: | ||
Accounts payable | 105,580 | 76,399 |
Accrued warranty | 17,111 | 16,090 |
Accrued compensation and related taxes | 11,836 | 10,520 |
Deposits from customers | 19,136 | 22,632 |
Operating lease liability | 3,511 | |
Other current liabilities and accrued expenses | 12,645 | 12,396 |
Current portion of long-term debt | 213 | 60 |
Total current liabilities | 170,032 | 138,097 |
Other non-current liabilities | 4,640 | 4,058 |
Long-term operating lease liability | 11,636 | |
Long-term debt, less current portion | 20,914 | 25,547 |
Total liabilities | 207,222 | 167,702 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | ||
Common stock, $0.01 par value; 80,000 shares authorized; 35,316 and 35,321 outstanding | 353 | 353 |
Additional paid in capital | 81,940 | 82,816 |
Retained earnings | 106,026 | 103,571 |
Total Spartan Motors, Inc. shareholders’ equity | 188,319 | 186,740 |
Non-controlling interest | (733) | (658) |
Total shareholders’ equity | 187,586 | 186,082 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 394,808 | $ 353,784 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance | $ 409 | $ 133 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 80,000 | 80,000 |
Common stock, outstanding (in shares) | 35,316 | 35,321 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Sales | $ 247,936 | $ 183,981 | $ 481,899 | $ 357,019 |
Cost of products sold | 221,059 | 157,612 | 430,446 | 308,492 |
Restructuring charges | 6 | 55 | ||
Gross profit | 26,871 | 26,369 | 51,398 | 48,527 |
Operating expenses: | ||||
Research and development | 2,265 | 1,817 | 4,638 | 3,205 |
Selling, general and administrative | 21,023 | 19,040 | 41,525 | 36,911 |
Restructuring charges | 65 | 797 | 128 | 817 |
Total operating expenses | 23,353 | 21,654 | 46,291 | 40,933 |
Operating income | 3,518 | 4,715 | 5,107 | 7,594 |
Other income (expense): | ||||
Interest expense | (313) | (270) | (687) | (592) |
Interest and other income | 1,147 | 832 | 1,482 | 2,425 |
Total other income (expense) | 834 | 562 | 795 | 1,833 |
Income before taxes | 4,352 | 5,277 | 5,902 | 9,427 |
Taxes | 1,063 | 1,537 | 1,076 | 1,490 |
Net income | 3,289 | 3,743 | 4,826 | 7,937 |
Less: net loss attributable to non-controlling interest | (215) | (75) | ||
Net income attributable to Spartan Motors Inc. | $ 3,504 | $ 3,740 | $ 4,901 | $ 7,937 |
Basic net earnings per share (in dollars per share) | $ 0.10 | $ 0.11 | $ 0.14 | $ 0.23 |
Diluted net earnings per share (in dollars per share) | $ 0.10 | $ 0.11 | $ 0.14 | $ 0.23 |
Basic weighted average common shares outstanding (in shares) | 35,349 | 35,260 | 35,308 | 35,177 |
Diluted weighted average common shares outstanding (in shares) | 35,368 | 35,260 | 35,312 | 35,177 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 4,826 | $ 7,937 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 5,040 | 5,038 |
Gain on disposal of assets | (2) | |
Accruals for warranty | 5,743 | 3,323 |
Expense from changes in fair value of contingent consideration | (693) | |
Deferred income taxes | (618) | 3 |
Expense on right of use assets | 251 | |
Stock based compensation related to stock awards | 2,202 | 2,189 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (15,282) | (9,409) |
Contract assets | (10,050) | (15,859) |
Inventories | (12,073) | (19,854) |
Other assets | (594) | (16) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 29,181 | 37,931 |
Cash paid for warranty repairs | (4,722) | (5,397) |
Accrued compensation and related taxes | 1,316 | (2,464) |
Deposits from customers | (3,496) | (3,121) |
Other current liabilities and accrued expenses | 2,435 | (414) |
Other long term liabilities | 521 | (173) |
Payments on right of use assets | (655) | |
Taxes on income | (1,282) | (1,631) |
Total adjustments | (2,085) | (10,547) |
Net cash provided by (used in) operating activities | 2,741 | (2,610) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (3,721) | (4,083) |
Proceeds from sale of property, plant and equipment | 4 | |
Acquisition of business, net of cash acquired | ||
Net cash used in investing activities | (3,717) | (4,083) |
Cash flows from financing activities: | ||
Payments on long-term debt | (5,102) | (36) |
Payment of contingent consideration on acquisitions | (701) | |
Payment of dividends | (1,777) | (1,759) |
Purchase and retirement of common stock | (793) | |
Net cash used in the exercise, vesting or cancellation of stock incentive awards | (894) | (2,670) |
Net cash used in financing activities | (8,566) | (5,166) |
Net decrease in cash and cash equivalents | (9,542) | (11,859) |
Cash and cash equivalents at beginning of period | 27,439 | 33,523 |
Cash and cash equivalents at end of period | $ 17,897 | $ 21,664 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 35,097 | ||||
Balance at Dec. 31, 2017 | $ 351 | $ 79,721 | $ 88,855 | $ (658) | $ 168,269 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 3 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (2,493) | (2,493) | |||
Issuance of restricted stock, net of cancellation (in shares) | 191 | ||||
Issuance of restricted stock, net of cancellation | $ 2 | (2) | |||
Stock based compensation expense related to restricted stock | 819 | 819 | |||
Transition adjustment for adoption of new lease standard | Accounting Standards Update 2014-09 [Member] | 3,668 | 3,668 | |||
Net income | 4,194 | 4,194 | |||
Balance (in shares) at Mar. 31, 2018 | 35,291 | ||||
Balance at Mar. 31, 2018 | $ 353 | 78,045 | 96,717 | (658) | 174,457 |
Balance (in shares) at Dec. 31, 2017 | 35,097 | ||||
Balance at Dec. 31, 2017 | $ 351 | 79,721 | 88,855 | (658) | 168,269 |
Net income | 7,937 | ||||
Net income | 7,937 | ||||
Net income | |||||
Balance (in shares) at Jun. 30, 2018 | 35,194 | ||||
Balance at Jun. 30, 2018 | $ 352 | 79,239 | 98,701 | (658) | 177,634 |
Balance (in shares) at Mar. 31, 2018 | 35,291 | ||||
Balance at Mar. 31, 2018 | $ 353 | 78,045 | 96,717 | (658) | 174,457 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 2 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (177) | (177) | |||
Issuance of restricted stock, net of cancellation (in shares) | (99) | ||||
Issuance of restricted stock, net of cancellation | $ (1) | 1 | |||
Stock based compensation expense related to restricted stock | 1,370 | 1,370 | |||
Net income | 3,743 | ||||
Dividends declared ($0.05 per share) | (1,759) | (1,759) | |||
Net income | 3,743 | 3,740 | |||
Net income | |||||
Balance (in shares) at Jun. 30, 2018 | 35,194 | ||||
Balance at Jun. 30, 2018 | $ 352 | 79,239 | 98,701 | (658) | 177,634 |
Balance (in shares) at Dec. 31, 2018 | 35,321 | ||||
Balance at Dec. 31, 2018 | $ 353 | 82,816 | 103,571 | (658) | 186,082 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 9 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (922) | (922) | |||
Issuance of restricted stock, net of cancellation (in shares) | 121 | ||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | |||
Purchase and retirement of common stock (in shares) | (101) | ||||
Purchase and retirement of common stock | $ (1) | (236) | (556) | (793) | |
Stock based compensation expense related to restricted stock | 860 | 860 | |||
Transition adjustment for adoption of new lease standard | Accounting Standards Update 2016-02 [Member] | (113) | (113) | |||
Net income | 1,397 | 140 | 1,537 | ||
Balance (in shares) at Mar. 31, 2019 | 35,350 | ||||
Balance at Mar. 31, 2019 | $ 353 | 82,517 | 104,299 | (518) | 186,651 |
Balance (in shares) at Dec. 31, 2018 | 35,321 | ||||
Balance at Dec. 31, 2018 | $ 353 | 82,816 | 103,571 | (658) | 186,082 |
Net income | 4,826 | ||||
Net income | 4,901 | ||||
Net income | 75 | ||||
Balance (in shares) at Jun. 30, 2019 | 35,316 | ||||
Balance at Jun. 30, 2019 | $ 353 | 81,940 | 106,026 | (733) | 187,586 |
Balance (in shares) at Mar. 31, 2019 | 35,350 | ||||
Balance at Mar. 31, 2019 | $ 353 | 82,517 | 104,299 | (518) | 186,651 |
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 8 | ||||
Issuance of common stock and the tax impact of stock incentive plan transactions | 28 | 28 | |||
Issuance of restricted stock, net of cancellation (in shares) | (42) | ||||
Issuance of restricted stock, net of cancellation | |||||
Stock based compensation expense related to restricted stock | 2 | 1,341 | 1,343 | ||
Net income | 3,289 | ||||
Issuance of common stock related to investment in subsidiary (in shares) | (247) | ||||
Issuance of common stock related to investment in subsidiary | $ (2) | (1,946) | (1,948) | ||
Dividends declared ($0.05 per share) | (1,777) | (1,777) | |||
Stock based compensation expense related to restricted stock (in shares) | 247 | ||||
Net income | 3,504 | 3,504 | |||
Net income | (215) | 215 | |||
Balance (in shares) at Jun. 30, 2019 | 35,316 | ||||
Balance at Jun. 30, 2019 | $ 353 | $ 81,940 | $ 106,026 | $ (733) | $ 187,586 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividends declared (in dollars per share) | $ 0.05 | $ 0.05 |
Note 1 - General and Summary of
Note 1 - General and Summary of Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 For a description of key accounting policies followed, refer to the notes to the Spartan Motors, Inc. (the “Company”, “we”, “our” or “us”) consolidated financial statements for the year ended December 31, 2018, 10 March 5, 2019. Adoption of Lease Accounting Policy first 2019. We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific up-fit segments), emergency response and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, up-fit equipment used in the mobile retail, and utility trades, fire trucks and fire truck chassis, luxury Class A diesel motor home chassis, military vehicles, and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture. Our operating activities are conducted through our wholly-owned operating subsidiary, Spartan Motors USA, Inc. (“Spartan USA”), with locations in Charlotte, Michigan; Brandon, South Dakota; Snyder and Neligh, Nebraska; Ephrata, Pennsylvania; Pompano Beach, Florida; Bristol, Indiana; North Charleston, South Carolina; Kansas City, Missouri; Southern California: and Saltillo, Mexico. On June 12, 2019, On December 17, 2018, Our Bristol, Indiana location manufactures vehicles used in the parcel delivery, mobile retail and trades and construction industries, and supplies related aftermarket parts and services under the Utilimaster brand name. Our Kansas City, Missouri, Pompano Beach, Florida, North Charleston, South Carolina, Southern California and Saltillo, Mexico locations sell and install equipment used in commercial and fleet vehicles. Our Brandon, South Dakota, Snyder and Neligh, Nebraska and Ephrata, Pennsylvania locations manufacture emergency response vehicles under the Spartan, Smeal, US Tanker and Ladder Tower Company brand names. Our Charlotte, Michigan location manufactures heavy-duty chassis and vehicles, and supplies aftermarket parts and accessories under the Spartan Chassis and Spartan brand names. Spartan USA was also a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 February 2015, June 2015, February 2017, no 10 The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of June 30, 2019, three six June 30, 2019. 10 December 31, 2018. The results of operations for the three six June 30, 2019 not We are required to disclose the fair value of our financial instruments in accordance with Financial Accounting Standards Board (“FASB”) Codification relating to “Disclosures about Fair Values of Financial Instruments.” The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and our variable rate debt instruments approximate their fair value at June 30, 2019 December 31, 2018. New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016 - 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016 - 13” ). ASU 2016 - 13 is intended to introduce a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. The provisions of this standard are effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. We believe that the adoption of the provisions of ASU 2016 - 13 will not have a material impact on our consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (“ASU 2016 - 02” ). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees with capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We adopted ASU 2016 - 02 as of January 1, 2019 using the modified retrospective approach. See the “ Adoption of Lease Accounting Policy ” section below and Note 7 – Leases for a description of the impact of the adoption of the provisions of ASU 2016 - 02 on our consolidated financial position, results of operations and cash flows Except for the changes below, we have consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. Adoption of Lease Accounting Policy We applied ASU 2016 - 02 and all related amendments (“ASC 842” ) using the modified retrospective method by recognizing the cumulative effect of adoption as an adjustment to the opening balance of retained earnings at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under prior leasing guidance. In addition, we elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. As a result, in the first quarter of 2019 we recorded ROU assets of $13,582 for operating leases and $675 for financing leases. We also recorded operating lease liabilities of $13,716 and finance lease liabilities of $696. The decrease to retained earnings was $113, net of the tax effect of $42 reflecting the cumulative impact of the accounting change. The standard did not have a material effect on consolidated net income or cash flows. We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets – operating leases, Operating lease liability, and Long-term operating lease liability on our Condensed Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Condensed Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. We include options to extend or terminate the lease in our lease term when it is reasonably certain that we will exercise that option. Lease expense for lease payments on operating leases is recognized on a straight-line basis over the lease term. We do not record a ROU asset or lease liability for leases with an expected term of 12 months or less. Expenses for these leases are recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. Revenue Recognition Accounting Policy Essentially all of our revenue is generated through contracts with our customers. We may recognize revenue over time or at a point in time when or as obligations under the terms of a contract with our customer are satisfied, depending on the terms and features of the contract and the products supplied. Our contracts generally do not have any significant variable consideration. The collectability of consideration on the contract is reasonably assured before revenue is recognized. On certain vehicles, payment may be received in advance of us satisfying our performance obligations. Such payments are recorded in Customer deposits on the Condensed Consolidated Balance Sheets. The corresponding performance obligations are generally satisfied within one year of the contract inception. In such cases, we have elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. The financing impact on contracts that contain performance obligations that are not expected to be satisfied within one year are expected to be immaterial to our condensed consolidated financial statements. We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one year or less. Revenue recognized in a current period from performance obligations satisfied in a prior period, if any, is immaterial to our condensed consolidated financial statements. We use an observable price to allocate the stand-alone selling price to separate performance obligations within a contract or a cost-plus margin approach when an observable price is not available. The estimated costs to fulfill our base warranties are recognized as expense when the products are sold (see “ Note 8 – Commitments and Contingent Liabilities ” for further information on warranties). Our contracts with customers do not contain a provision for product returns, except for contracts related to certain parts sales. Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no return reserve has been recorded. Instead, returns are recognized as a reduction of revenue at the time that they are received. For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from 1 to 6 years from the date of the shipment of the related vehicle or chassis. We receive payment with the shipment of the related vehicle or at the inception of the extended service contract, if later, and recognize revenue over the coverage term of the agreement, generally on a straight-line basis, which approximates the pattern of costs expected to be incurred in satisfying the obligations under the contract. Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for up-fit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for up-fit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle has been completed. Payment on our fleet vehicles and services performance obligations is received an average of 35 days after revenue is recognized. Emergency Response Vehicles Our emergency response chassis and apparatuses are generally manufactured to order based on customer-supplied specifications. Due to the custom nature of the products and the attributes of the contracts, we do not have a ready alternative use for our emergency response chassis and apparatuses and we have an enforceable right to payment on the contracts. Accordingly, performance obligations for these custom ordered chassis and apparatuses are satisfied as the apparatuses and chassis are built. We recognize revenue and the corresponding cost of products sold on these contracts over time based on the inputs completed for a given performance obligation during the reporting period. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Payment is received an average of 48 days following the recognition of revenue for chassis and 103 days for complete apparatuses. Revenue on certain emergency response chassis and apparatuses that are sold from stock or utilized as demonstration units is recognized at the point in time that the contract is received. Revenue related to modifications made to trucks sold from stock or that were utilized as demonstration units is recognized over time as the modifications are completed. Payment is received an average of 60 days following the recognition of revenue for stock or demonstration units. Specialty Chassis and Vehicles We recognize revenue and the corresponding cost of products sold on the sale of motor home chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. The performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Payment is received an average of 24 days following the recognition of revenue for other specialty chassis. |
Note 2 - Acquisition Activities
Note 2 - Acquisition Activities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2 2018 On December 17, 2018, Purchase Price Allocation The total purchase price paid for our acquisition of SRUS was $8,032, $5,200 $2,832 This acquisition was accounted for using the acquisition method of accounting, which requires the purchase price to be allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. The excess of the estimated purchase price over the preliminary estimated fair values of the net tangible and intangible assets acquired of $4,456 second 2019, $1,950 The fair value of the net assets acquired was based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period. The Company is continuing to evaluate the (i) inventory, (ii) intangible assets, (iii) deferred taxes and liabilities, (iv) income tax and non-income tax accruals and (v) the contingent consideration. The Company will finalize the purchase price allocation as soon as practicable within the measurement period, but in no one The allocation of purchase price to assets acquired and liabilities assumed was as follows: Accounts receivable $ 1,165 Inventory 893 Other current assets 3 Property, plant and equipment 1,942 Goodwill 4,456 Total assets acquired 8,459 Accounts payable 382 Other current liabilities 45 Total liabilities assumed 427 Total purchase price $ 8,032 Contingent Consideration Pursuant to the purchase agreement, the former owners of SRUS may 2021 $3,250. 2019 2021 $2,832 4.7%. |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES Inventories are summarized as follows: June 30, 2019 December 31, 2018 Finished goods $ 16,307 $ 14,696 Work in process 10,920 5,926 Raw materials and purchased components 58,938 52,474 Reserve for slow-moving inventory (4,100 ) (3,104 ) Total inventory $ 82,065 $ 69,992 We also have a number of demonstration units as part of our sales and training program. These demonstration units are included in the “Finished goods” line item above, and amounted to $7,933 $8,807 June 30, 2019 December 31, 2018. |
Note 4 - Debt
Note 4 - Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 - DEBT Long-term debt consists of the following: June 30 , 201 9 December 31, 201 8 Line of credit revolver (1) $ 20,460 $ 25,460 Capital lease obligations - 147 Finance lease obligation 667 - Total debt 21,127 25,607 Less current portion of long-term debt (213 ) (60 ) Total long-term debt $ 20,914 $ 25,547 ( 1 On August 8, 2018, may $150,000 five August 8, 2023. may $75,000 $20,000 $15,000, 0.5%, one 1.0%; 3.6875% one 1.25% June 30, 2019. On December 1, 2017, $100,000 three August 8, 2018. 0.5%, one 1.00%; Under the terms of our Credit Agreement we are required to maintain certain financial ratios and other financial covenants, which limited our available borrowings under our line of credit to a total of approximately $83,356 $86,410 June 30, 2019 December 31, 2018, June 30, 2019 December 31, 2018, |
Note 5 - Revenue
Note 5 - Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 Contract assets and liabilities The tables below disclose changes in contract assets and liabilities as of the periods indicated. Contract assets Opening balance (January 1, 2019) $ 36,027 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (41,058 ) Contract assets recognized, net of reclassification to receivables 51,108 Net change 10,050 Ending balance (June 30, 2019) $ 46,077 Contract liabilities Opening balance (January 1, 2019) $ 22,632 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (26,768 ) Cash received in advance and not recognized as revenue 23,272 Net change (3,496 ) Ending balance (June 30, 2019) $ 19,136 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed are expected to be recognized as revenue in the following annual time-periods: 1-12 Months (1) 13 Months and beyond (1) Total Revenue expected to be recognized as of June 30, 2019: Fleet Vehicles and Services $ 272,399 $ - $ 272,399 Emergency Response Vehicles 188,938 1,645 190,583 Specialty Chassis and Vehicles 32,453 26 32,479 Total $ 493,790 $ 1,671 $ 495,461 ( 1 Revenue above includes amounts related to extended warranties and roadside assistance contracts of $246 $36 one 12 $621 $26 13 For performance obligations that are satisfied over time, revenue is expected to be recognized evenly over the time period to complete the contract due to the assembly line nature of the business operations. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the three six June 30, 2019. Three Months Ended June 30, 2019 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 132,477 $ 60,809 $ 41,683 $ 234,969 $ (3,152 ) $ 231,817 Other 8,625 7,454 40 16,119 - 16,119 Total sales $ 141,102 $ 68,263 $ 41,723 $ 251,088 $ (3,152 ) $ 247,936 Timing of revenue recognition Products transferred at a point in time $ 53,651 $ 7,642 $ 31,256 $ 92,549 $ (3,152 ) $ 89,397 Products and services transferred over time 87,451 60,621 10,467 158,539 - 158,539 Total sales $ 141,102 $ 68,263 $ 41,723 $ 251,088 $ (3,152 ) $ 247,936 Six Months Ended June 30, 2019 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 250,295 $ 115,556 $ 93,346 $ 459,197 $ (5,280 ) $ 453,917 Other 13,456 14,464 62 27,982 - 27,982 Total sales $ 263,751 $ 130,020 $ 93,408 $ 487,179 $ (5,280 ) $ 481,899 Timing of revenue recognition Products transferred at a point in time $ 104,316 $ 12,684 $ 73,802 $ 190,802 $ (5,280 ) $ 185,522 Products and services transferred over time 159,435 117,336 19,606 296,377 - 296,377 Total sales $ 263,751 $ 130,020 $ 93,408 $ 487,179 $ (5,280 ) $ 481,899 Three Months Ended June 30, 2018 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 75,818 $ 54,149 $ 47,431 $ 177,398 $ (1,528 ) $ 175,870 Other 2,597 5,466 48 8,111 - 8,111 Total sales $ 78,415 $ 59,615 $ 47,479 $ 185,509 $ (1,528 ) $ 183,981 Timing of revenue recognition Products transferred at a point in time $ 22,611 $ 4,232 $ 40,203 $ 67,046 $ - $ 67,046 Products and services transferred over time 55,804 55,383 7,276 118,463 (1,528 ) 116,935 Total sales $ 78,415 $ 59,615 $ 47,479 $ 185,509 $ (1,528 ) $ 183,981 Six Months Ended June 30, 2018 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 134,339 $ 112,698 $ 95,577 $ 342,614 $ (3,129 ) $ 339,485 Other 3,767 13,630 137 17,534 - 17,534 Total sales $ 138,106 $ 126,328 $ 95,714 $ 360,148 $ (3,129 ) $ 357,019 Timing of revenue recognition Products transferred at a point in time $ 27,793 $ 10,608 $ 81,470 $ 119,871 $ - $ 119,871 Products and services transferred over time 110,313 115,720 14,244 240,277 (3,129 ) 237,148 Total sales $ 138,106 $ 126,328 $ 95,714 $ 360,148 $ (3,129 ) $ 357,019 |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | N OTE 6 Performance Units During the three June 30, 2019, 218,148 three Additional paid-in capital The total PSU expense and associated tax benefit for all outstanding awards for the three six June 30, 2019 June 30, 2018 Three Months Ended June 30 201 9 201 8 Expense $ 140 $ - Tax benefits 17 - Six Months Ended June 30 2019 2018 Expense $ 140 $ - Tax benefits 17 - As of June 30, 2019, $1.8 2.5 The PSU activity for the six June 30, 2019 Total Weighted- Average Grant Date Fair Value per Unit Nonvested as of December 31, 2018 - $ - Granted 218 8.99 Nonvested as of June 30, 2019 218 $ 8.99 Restricted Stock Units During the three June 30, 2019, 1 75 988 three one Additional paid-in capital The RSU expense and associated tax benefit for all outstanding awards for the three June 30, 2019 June 30, 2018 Three Months Ended June 30 201 9 201 8 Expense $ 132 $ - Tax benefits 25 - Six Months Ended June 30 2019 2018 Expense $ 132 $ - Tax benefits 25 - As of June 30, 2019, $1.4 1.4 The RSU activity for the six June 30, 2019 Total Weighted- Average Grant Date Fair Value per Unit Nonvested as of December 31, 2018 - $ - Granted 175,988 8.98 Nonvested as of June 30, 2019 175,988 $ 8.98 |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | N OTE 7 We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of 1 9 5 not June 30, 2019, 4 Debt Operating lease expenses are classified as cost of products sold and operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows: Six months ended June 30, 2019 Operating leases $ 1,727 Short term leases (1) 47 Total lease expense $ 1,774 ( 1 Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not one The weighted average remaining lease term and weighted average discount rate were as follows: Six months ended June 30, 2019 Weighted average remaining lease term of operating leases 5.1 years Weighted average discount rate of operating leases 4.7 % Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 1,727 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,012 Finance leases $ - Maturities of operating lease liabilities as of June 30, 2019 Years ending December 31: 2019 (1) $ 1,960 2020 3,453 2021 2,793 2022 2,418 2023 2,431 Thereafter 4,611 Total lease payments 17,666 Less: imputed interest 2,519 Total lease liabilities $ 15,147 ( 1 Excluding the six June 30, 2019. The aggregate amount of future minimum annual rental payments applicable to noncancelable leases as of December 31, 2018 Future Minimum Payments Year ending December 31: 2019 $ 3,291 2020 2,831 2021 2,193 2022 1,849 2023 1,863 Thereafter 4,149 Total $ 16,176 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 - COMMITMENTS AND CONTINGENT LIABILITIES Under the terms of our credit agreement with our banks, we have the ability to issue letters of credit totaling $20,000. June 30, 2019 December 31, 2018, $896 $913 At June 30, 2019, not Warranty Related We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. Changes in our warranty liability during the six June 30, 2019 2018 201 9 201 8 Balance of accrued warranty at January 1 $ 16,090 $ 18,268 Warranties issued during the period 5,691 3,168 Cash settlements made during the period (4,722 ) (5,397 ) Changes in liability for pre-existing warranties during the period, including expirations 52 155 Balance of accrued warranty at June 30 $ 17,111 $ 16,194 Spartan-Gimaex Joint Venture In February 2015, June 2015, February 2017, No 10 Costs associated with the wind-down will be impacted by the final dissolution terms. The costs we have accrued so far represent the low end of the range of the estimated total charges that we believe we may may not second 2019, $216 |
Note 9 - Taxes on Income
Note 9 - Taxes on Income | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | N OTE 9 – TAXES ON INCOME Our effective income tax rate was 24.4% 18.2% three six June 30, 2019 29.1% 15.8% three six June 30, 2018. The effective tax rate for the three June 30, 2019 six June 30, 2019 first $296. Our effective tax rate for the three June 30, 2018 $170 first 2018 27.3% six June 30, 2018 $1,333 , $249 |
Note 10 - Interest and Other In
Note 10 - Interest and Other Income | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Interest and Other Income [Text Block] | NOTE 10 - INTEREST AND OTHER INCOME Interest and other income is as shown below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net working capital settlement from acquisition of Smeal (1) $ - $ - $ - $ 1,500 Gain from adjustment of contingent liability from acquisition of Smeal (2) - - - 693 Smeal post-acquisition escrow receipt (3) 1,000 - 1,000 - Other miscellaneous 147 832 482 232 Total interest and other income $ 1,147 $ 832 $ 1,482 $ 2,425 ( 1 The net working capital settlement from the acquisition of Smeal was recorded to other income because the settlement occurred after the expiration of the measurement period on January 1, 2018. ( 2 This gain represents the reduction of a contingent liability from the Smeal acquisition that was made after the expiration of the measurement period on January 1, 2018. ( 3 This amount represents funds received from the Smeal escrow account for post-acquisition costs. |
Note 11 - Business Segments
Note 11 - Business Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 - BUSINESS SEGMENTS We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three We evaluate the performance of our reportable segments based on Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and other adjustments made in order to present comparable results from period to period. For the periods covered by this Form 10 not 2019 April 19, 2019. Our Fleet Vehicles and Services segment consists of our operations at our Bristol, Indiana location, and beginning in 2018 Our Emergency Response Vehicles segment consists of the emergency response chassis operations at our Charlotte, Michigan location and our operations at our Brandon, South Dakota; Snyder and Neligh, Nebraska; and Ephrata, Pennsylvania locations. This segment engineers and manufactures emergency response chassis and apparatus and distributes related aftermarket parts and accessories. Our Specialty Chassis and Vehicles segment consists of our Charlotte, Michigan operations that engineer and manufacture motor home chassis, defense vehicles and other specialty chassis and distribute related aftermarket parts and assemblies. The accounting policies of the segments are the same as those described, or referred to, in Note 1 General and Summary of Accounting Policies three not not Three Months Ended J une 30 , 201 9 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 111,230 $ - $ 3,152 $ (3,152 ) $ 111,230 Emergency response vehicle sales - 64,668 - - 64,668 Motor home chassis sales - - 28,653 - 28,653 Other specialty vehicle sales - - 7,315 - 7,315 Aftermarket parts and accessories sales 29,872 3,595 2,603 - 36,070 Total sales $ 141,102 $ 68,263 $ 41,723 $ (3,152 ) $ 247,936 Depreciation and amortization expense $ 556 $ 708 $ 394 $ 857 $ 2,515 Adjusted EBITDA 7,920 1,113 5,083 (4,630 ) 9,486 Segment assets 149,793 137,254 34,306 73,455 394,808 Capital expenditures 552 154 74 1,007 1,787 Three Months Ended June 30 , 201 8 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 53,107 $ - $ 1,528 $ (1,528 ) $ 53,107 Emergency response vehicle sales - 56,935 - - 56,935 Motor home chassis sales - - 37,184 - 37,184 Other specialty vehicle sales - - 5,748 - 5,748 Aftermarket parts and accessories sales 25,308 2,680 3,019 - 31,007 Total sales $ 78,415 $ 59,615 $ 47,479 $ (1,528 ) $ 183,981 Depreciation and amortization expense $ 570 $ 628 $ 369 $ 1,019 $ 2,586 Adjusted EBITDA 8,374 193 4,391 (4,073 ) 8,885 Segment assets 103,812 111,255 31,772 82,845 329,684 Capital expenditures 761 29 41 1,215 2,046 Six Months Ended June 30, 201 9 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 207,549 $ - $ 5,280 $ (5,280 ) $ 207,549 Emergency response vehicle sales - 123,236 - - 123,326 Motor home chassis sales - - 68,939 - 68,939 Other specialty vehicle sales - - 14,173 - 14,173 Aftermarket parts and accessories sales 56,202 6,784 5,016 - 68,002 Total sales $ 263,751 $ 130,020 $ 93,408 $ (5,280 ) $ 481,899 Depreciation and amortization expense $ 1,154 $ 1,415 $ 747 $ 1,724 $ 5,040 Adjusted EBITDA 14,895 (1,179 ) 10,047 (9,645 ) 14,118 Segment assets 149,793 137,254 34,306 73,455 394,808 Capital expenditures 698 208 306 2,509 3,721 Six Months Ended June 30, 201 8 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 102,932 $ - $ 3,129 $ (3,129 ) $ 102,932 Emergency response vehicle sales - 121,043 - - 121,043 Motor home chassis sales - - 76,751 - 76,751 Other specialty vehicle sales - - 11,115 - 11,115 Aftermarket parts and accessories sales 35,174 5,285 4,719 - 45,178 Total sales $ 138,106 $ 126,328 $ 95,714 $ (3,129 ) $ 357,019 Depreciation and amortization expense $ 1,176 $ 1,252 $ 735 $ 1,875 $ 5,038 Adjusted EBITDA 12,961 1,435 7,513 (7,418 ) 14,491 Segment assets 103,812 111,255 31,772 82,845 329,684 Capital expenditures 1,565 154 97 2,267 4,083 SPARTAN MOTORS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollar amounts in thousands, except per share data) The table below presents the reconciliation of our consolidated income before taxes to total segment Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Total segment adjusted EBITDA $ 14,116 $ 12,958 $ 23,763 $ 21,909 Add (subtract): Interest expense (313 ) (270 ) (687 ) (592 ) Depreciation and amortization expense (2,515 ) (2,586 ) (5,040 ) (5,038 ) Restructuring expense (71 ) (797 ) (183 ) (817 ) Acquisition related expenses including stock compensation (745 ) (373 ) (790 ) (535 ) Litigation expense (9 ) - (52 ) - Nebraska flooding expenses - - (123 ) - Recall expense (777 ) 443 (777 ) 443 Long-term strategic planning expense - (718 ) - (718 ) Executive compensation plan expense (273 ) - (273 ) - Impact of acquisition adjustments for net working capital and contingent liability - 693 - 2,193 Joint venture inventory adjustment (216 ) - (216 ) - Unallocated corporate expenses (4,845 ) (4,073 ) (9,720 ) (7,418 ) Consolidated income before taxes $ 4,352 $ 5,277 $ 5,902 $ 9,427 SPARTAN MOTORS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Dollar amounts in thousands, except per share data) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In June 2016, 2016 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13” 2016 13 December 15, 2019 2016 13 not In February 2016, No. 2016 02, Leases 2016 02” 12 December 15, 2018, 2016 02 January 1, 2019 Adoption of Lease Accounting Policy 7 Leases 2016 02 Except for the changes below, we have consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements. Adoption of Lease Accounting Policy We applied ASU 2016 02 842” January 1, 2019. not not first 2019 $13,582 $675 $13,716 $696. $113, $42 not We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets – operating leases, Operating lease liability, and Long-term operating lease liability on our Condensed Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Condensed Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not We do not 12 We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Accounting Policy Essentially all of our revenue is generated through contracts with our customers. We may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not Note 8 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from 1 6 Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for up-fit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for up-fit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle has been completed. Payment on our fleet vehicles and services performance obligations is received an average of 35 Emergency Response Vehicles Our emergency response chassis and apparatuses are generally manufactured to order based on customer-supplied specifications. Due to the custom nature of the products and the attributes of the contracts, we do not 48 103 Revenue on certain emergency response chassis and apparatuses that are sold from stock or utilized as demonstration units is recognized at the point in time that the contract is received. Revenue related to modifications made to trucks sold from stock or that were utilized as demonstration units is recognized over time as the modifications are completed. Payment is received an average of 60 Specialty Chassis and Vehicles We recognize revenue and the corresponding cost of products sold on the sale of motor home chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. The performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Payment is received an average of 24 |
Note 2 - Acquisition Activiti_2
Note 2 - Acquisition Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 1,165 Inventory 893 Other current assets 3 Property, plant and equipment 1,942 Goodwill 4,456 Total assets acquired 8,459 Accounts payable 382 Other current liabilities 45 Total liabilities assumed 427 Total purchase price $ 8,032 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2019 December 31, 2018 Finished goods $ 16,307 $ 14,696 Work in process 10,920 5,926 Raw materials and purchased components 58,938 52,474 Reserve for slow-moving inventory (4,100 ) (3,104 ) Total inventory $ 82,065 $ 69,992 |
Note 4 - Debt (Tables)
Note 4 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30 , 201 9 December 31, 201 8 Line of credit revolver (1) $ 20,460 $ 25,460 Capital lease obligations - 147 Finance lease obligation 667 - Total debt 21,127 25,607 Less current portion of long-term debt (213 ) (60 ) Total long-term debt $ 20,914 $ 25,547 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract assets Opening balance (January 1, 2019) $ 36,027 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (41,058 ) Contract assets recognized, net of reclassification to receivables 51,108 Net change 10,050 Ending balance (June 30, 2019) $ 46,077 Contract liabilities Opening balance (January 1, 2019) $ 22,632 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (26,768 ) Cash received in advance and not recognized as revenue 23,272 Net change (3,496 ) Ending balance (June 30, 2019) $ 19,136 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 1-12 Months (1) 13 Months and beyond (1) Total Revenue expected to be recognized as of June 30, 2019: Fleet Vehicles and Services $ 272,399 $ - $ 272,399 Emergency Response Vehicles 188,938 1,645 190,583 Specialty Chassis and Vehicles 32,453 26 32,479 Total $ 493,790 $ 1,671 $ 495,461 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2019 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 132,477 $ 60,809 $ 41,683 $ 234,969 $ (3,152 ) $ 231,817 Other 8,625 7,454 40 16,119 - 16,119 Total sales $ 141,102 $ 68,263 $ 41,723 $ 251,088 $ (3,152 ) $ 247,936 Timing of revenue recognition Products transferred at a point in time $ 53,651 $ 7,642 $ 31,256 $ 92,549 $ (3,152 ) $ 89,397 Products and services transferred over time 87,451 60,621 10,467 158,539 - 158,539 Total sales $ 141,102 $ 68,263 $ 41,723 $ 251,088 $ (3,152 ) $ 247,936 Six Months Ended June 30, 2019 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 250,295 $ 115,556 $ 93,346 $ 459,197 $ (5,280 ) $ 453,917 Other 13,456 14,464 62 27,982 - 27,982 Total sales $ 263,751 $ 130,020 $ 93,408 $ 487,179 $ (5,280 ) $ 481,899 Timing of revenue recognition Products transferred at a point in time $ 104,316 $ 12,684 $ 73,802 $ 190,802 $ (5,280 ) $ 185,522 Products and services transferred over time 159,435 117,336 19,606 296,377 - 296,377 Total sales $ 263,751 $ 130,020 $ 93,408 $ 487,179 $ (5,280 ) $ 481,899 Three Months Ended June 30, 2018 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 75,818 $ 54,149 $ 47,431 $ 177,398 $ (1,528 ) $ 175,870 Other 2,597 5,466 48 8,111 - 8,111 Total sales $ 78,415 $ 59,615 $ 47,479 $ 185,509 $ (1,528 ) $ 183,981 Timing of revenue recognition Products transferred at a point in time $ 22,611 $ 4,232 $ 40,203 $ 67,046 $ - $ 67,046 Products and services transferred over time 55,804 55,383 7,276 118,463 (1,528 ) 116,935 Total sales $ 78,415 $ 59,615 $ 47,479 $ 185,509 $ (1,528 ) $ 183,981 Six Months Ended June 30, 2018 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Total Reportable Segments Other Total Primary geographical markets United States $ 134,339 $ 112,698 $ 95,577 $ 342,614 $ (3,129 ) $ 339,485 Other 3,767 13,630 137 17,534 - 17,534 Total sales $ 138,106 $ 126,328 $ 95,714 $ 360,148 $ (3,129 ) $ 357,019 Timing of revenue recognition Products transferred at a point in time $ 27,793 $ 10,608 $ 81,470 $ 119,871 $ - $ 119,871 Products and services transferred over time 110,313 115,720 14,244 240,277 (3,129 ) 237,148 Total sales $ 138,106 $ 126,328 $ 95,714 $ 360,148 $ (3,129 ) $ 357,019 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Activity [Table Text Block] | Three Months Ended June 30 201 9 201 8 Expense $ 140 $ - Tax benefits 17 - Six Months Ended June 30 2019 2018 Expense $ 140 $ - Tax benefits 17 - Total Weighted- Average Grant Date Fair Value per Unit Nonvested as of December 31, 2018 - $ - Granted 218 8.99 Nonvested as of June 30, 2019 218 $ 8.99 Three Months Ended June 30 201 9 201 8 Expense $ 132 $ - Tax benefits 25 - Six Months Ended June 30 2019 2018 Expense $ 132 $ - Tax benefits 25 - Total Weighted- Average Grant Date Fair Value per Unit Nonvested as of December 31, 2018 - $ - Granted 175,988 8.98 Nonvested as of June 30, 2019 175,988 $ 8.98 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Six months ended June 30, 2019 Operating leases $ 1,727 Short term leases (1) 47 Total lease expense $ 1,774 Six months ended June 30, 2019 Weighted average remaining lease term of operating leases 5.1 years Weighted average discount rate of operating leases 4.7 % Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating leases $ 1,727 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,012 Finance leases $ - |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending December 31: 2019 (1) $ 1,960 2020 3,453 2021 2,793 2022 2,418 2023 2,431 Thereafter 4,611 Total lease payments 17,666 Less: imputed interest 2,519 Total lease liabilities $ 15,147 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future Minimum Payments Year ending December 31: 2019 $ 3,291 2020 2,831 2021 2,193 2022 1,849 2023 1,863 Thereafter 4,149 Total $ 16,176 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 201 9 201 8 Balance of accrued warranty at January 1 $ 16,090 $ 18,268 Warranties issued during the period 5,691 3,168 Cash settlements made during the period (4,722 ) (5,397 ) Changes in liability for pre-existing warranties during the period, including expirations 52 155 Balance of accrued warranty at June 30 $ 17,111 $ 16,194 |
Note 10 - Interest and Other _2
Note 10 - Interest and Other Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net working capital settlement from acquisition of Smeal (1) $ - $ - $ - $ 1,500 Gain from adjustment of contingent liability from acquisition of Smeal (2) - - - 693 Smeal post-acquisition escrow receipt (3) 1,000 - 1,000 - Other miscellaneous 147 832 482 232 Total interest and other income $ 1,147 $ 832 $ 1,482 $ 2,425 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 111,230 $ - $ 3,152 $ (3,152 ) $ 111,230 Emergency response vehicle sales - 64,668 - - 64,668 Motor home chassis sales - - 28,653 - 28,653 Other specialty vehicle sales - - 7,315 - 7,315 Aftermarket parts and accessories sales 29,872 3,595 2,603 - 36,070 Total sales $ 141,102 $ 68,263 $ 41,723 $ (3,152 ) $ 247,936 Depreciation and amortization expense $ 556 $ 708 $ 394 $ 857 $ 2,515 Adjusted EBITDA 7,920 1,113 5,083 (4,630 ) 9,486 Segment assets 149,793 137,254 34,306 73,455 394,808 Capital expenditures 552 154 74 1,007 1,787 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 53,107 $ - $ 1,528 $ (1,528 ) $ 53,107 Emergency response vehicle sales - 56,935 - - 56,935 Motor home chassis sales - - 37,184 - 37,184 Other specialty vehicle sales - - 5,748 - 5,748 Aftermarket parts and accessories sales 25,308 2,680 3,019 - 31,007 Total sales $ 78,415 $ 59,615 $ 47,479 $ (1,528 ) $ 183,981 Depreciation and amortization expense $ 570 $ 628 $ 369 $ 1,019 $ 2,586 Adjusted EBITDA 8,374 193 4,391 (4,073 ) 8,885 Segment assets 103,812 111,255 31,772 82,845 329,684 Capital expenditures 761 29 41 1,215 2,046 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 207,549 $ - $ 5,280 $ (5,280 ) $ 207,549 Emergency response vehicle sales - 123,236 - - 123,326 Motor home chassis sales - - 68,939 - 68,939 Other specialty vehicle sales - - 14,173 - 14,173 Aftermarket parts and accessories sales 56,202 6,784 5,016 - 68,002 Total sales $ 263,751 $ 130,020 $ 93,408 $ (5,280 ) $ 481,899 Depreciation and amortization expense $ 1,154 $ 1,415 $ 747 $ 1,724 $ 5,040 Adjusted EBITDA 14,895 (1,179 ) 10,047 (9,645 ) 14,118 Segment assets 149,793 137,254 34,306 73,455 394,808 Capital expenditures 698 208 306 2,509 3,721 Fleet Vehicles and Services Emergency Response Vehicles Specialty Chassis and Vehicles Eliminations and Other Consolidated Fleet vehicle sales $ 102,932 $ - $ 3,129 $ (3,129 ) $ 102,932 Emergency response vehicle sales - 121,043 - - 121,043 Motor home chassis sales - - 76,751 - 76,751 Other specialty vehicle sales - - 11,115 - 11,115 Aftermarket parts and accessories sales 35,174 5,285 4,719 - 45,178 Total sales $ 138,106 $ 126,328 $ 95,714 $ (3,129 ) $ 357,019 Depreciation and amortization expense $ 1,176 $ 1,252 $ 735 $ 1,875 $ 5,038 Adjusted EBITDA 12,961 1,435 7,513 (7,418 ) 14,491 Segment assets 103,812 111,255 31,772 82,845 329,684 Capital expenditures 1,565 154 97 2,267 4,083 |
Schedule of Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Total segment adjusted EBITDA $ 14,116 $ 12,958 $ 23,763 $ 21,909 Add (subtract): Interest expense (313 ) (270 ) (687 ) (592 ) Depreciation and amortization expense (2,515 ) (2,586 ) (5,040 ) (5,038 ) Restructuring expense (71 ) (797 ) (183 ) (817 ) Acquisition related expenses including stock compensation (745 ) (373 ) (790 ) (535 ) Litigation expense (9 ) - (52 ) - Nebraska flooding expenses - - (123 ) - Recall expense (777 ) 443 (777 ) 443 Long-term strategic planning expense - (718 ) - (718 ) Executive compensation plan expense (273 ) - (273 ) - Impact of acquisition adjustments for net working capital and contingent liability - 693 - 2,193 Joint venture inventory adjustment (216 ) - (216 ) - Unallocated corporate expenses (4,845 ) (4,073 ) (9,720 ) (7,418 ) Consolidated income before taxes $ 4,352 $ 5,277 $ 5,902 $ 9,427 |
Note 1 - General and Summary _2
Note 1 - General and Summary of Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 14,953 | ||
Operating Lease, Liability, Total | 15,147 | ||
Finance Lease, Liability, Total | $ 667 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 13,582 | ||
Finance Lease, Right-of-Use Asset | 675 | ||
Operating Lease, Liability, Total | 13,716 | ||
Finance Lease, Liability, Total | 696 | ||
Cumulative Effect of New Accounting Standard In Period Of Adoption | (113) | ||
Cumulative Effect on Retained Earnings, Tax | $ 42 |
Note 2 - Acquisition Activiti_3
Note 2 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands | Dec. 17, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 31,874 | $ 33,823 | |
Strobes-R-Us Inc. [Member] | |||
Business Combination, Consideration Transferred, Total | $ 8,032 | ||
Payments to Acquire Businesses, Gross | 5,200 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,832 | ||
Goodwill, Ending Balance | 4,456 | ||
Goodwill, Purchase Accounting Adjustments | $ (1,950) | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,250 | ||
Business Combination, Contingent Consideration, Liability, Total | $ 2,832 | ||
Business Combination, Contingent Consideration, Liability, Discount Rate | 4.70% |
Note 2 - Acquisition Activiti_4
Note 2 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 17, 2018 |
Goodwill, Ending Balance | $ 31,874 | $ 33,823 | |
Strobes-R-Us Inc. [Member] | |||
Accounts receivable | $ 1,165 | ||
Inventory | 893 | ||
Other current assets | 3 | ||
Property, plant and equipment | 1,942 | ||
Goodwill, Ending Balance | 4,456 | ||
Total assets acquired | 8,459 | ||
Accounts payable | 382 | ||
Other current liabilities | 45 | ||
Total liabilities assumed | 427 | ||
Total purchase price | $ 8,032 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Inventory, Demo, Gross | $ 7,933 | $ 8,807 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finished goods | $ 16,307 | $ 14,696 |
Work in process | 10,920 | 5,926 |
Raw materials and purchased components | 58,938 | 52,474 |
Reserve for slow-moving inventory | (4,100) | (3,104) |
Total inventory | $ 82,065 | $ 69,992 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) $ in Thousands | Aug. 08, 2018 | Dec. 01, 2017 | Jun. 30, 2019 | Dec. 31, 2018 |
Line of Credit Facility, Current Borrowing Capacity | $ 83,356 | $ 86,410 | ||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||
Lenders [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |||
Debt Instrument, Term | 5 years | |||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 75,000 | |||
Debt Instrument Reference Rate Term | 30 days | |||
Debt Instrument, Interest Rate During Period | 3.6875% | |||
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.25% | ||
Lenders [Member] | Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |||
Lenders [Member] | Swing Line Loans [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||
Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
Debt Instrument, Term | 3 years | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 4 - Debt - Schedule of Lon
Note 4 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Line of credit revolver (1) | [1] | $ 20,460 | $ 25,460 |
Capital lease obligations | 147 | ||
Finance Lease, Liability, Total | 667 | ||
Total debt | 21,127 | 25,607 | |
Less current portion of long-term debt | (213) | (60) | |
Total long-term debt | $ 20,914 | $ 25,547 | |
[1] | On August 8, 2018, we entered into a Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A., as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank National Association (the "Lenders"). Under the Credit Agreement, we may borrow up to $150,000 from the Lenders under a five-year secured revolving credit facility. The credit facility matures August 8, 2023. We may also request an increase in the facility of up to $75,000 in the aggregate, subject to customary conditions. The credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $15,000, subject to certain limitations and restrictions. This line carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted LIBOR plus 1.0%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including margin was 3.6875% (or one-month LIBOR plus 1.25%) at June 30, 2019. The credit facility is secured by security interests in, and liens on, all assets of the borrowers, other than real property and certain other excluded assets. On December 1, 2017, we entered into a First Amendment to the Second Amended and Restated Credit Agreement (the "First Credit Agreement") by and among us and certain of our subsidiaries, as borrowers, Wells Fargo, National Association, as agent, and the lenders party thereto consisting of Wells Fargo, National Association, JPMorgan Chase Bank, N.A. and PNC Bank National Association. Under the First Credit Agreement, we were able to borrow up to $100,000 under a three-year unsecured revolving credit facility. The First Credit Agreement was paid off and terminated when the "Credit Agreement" described above was entered into on August 8, 2018. This line carried an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 495,461 | |
Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 493,790 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Extended Warranties [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 246 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Extended Warranties [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 621 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Roadside Assistance Contract [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 36 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Roadside Assistance Contract [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 26 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
[1] | Revenue above includes amounts related to extended warranties and roadside assistance contracts of $246 and $36 for one to 12 months and $621 and $26 for 13 months and beyond, respectively. |
Note 5 - Revenue - Contract Ass
Note 5 - Revenue - Contract Assets and Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Opening balance, contract assets | $ 36,027 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (41,058) |
Contract assets recognized, net of reclassification to receivables | 51,108 |
Net change, contract assets | 10,050 |
Ending balance, contract assets | 46,077 |
Opening balance, contract liabilities | 22,632 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (26,768) |
Cash received in advance and not recognized as revenue | 23,272 |
Net change, contract liabilities | (3,496) |
Ending balance, contract liabilities | $ 19,136 |
Note 5 - Revenue - Revenue Expe
Note 5 - Revenue - Revenue Expected to Be Recognized (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue expected to be recognized | $ 495,461 |
Fleet Vehicles and Services [Member] | |
Revenue expected to be recognized | 272,399 |
Emergency Response Vehicles [Member] | |
Revenue expected to be recognized | 190,583 |
Specialty Chassis and Vehicles [Member] | |
Revenue expected to be recognized | $ 32,479 |
Note 5 - Revenue - Revenue Ex_2
Note 5 - Revenue - Revenue Expected to Be Recognized 2 (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
Revenue expected to be recognized | $ 495,461 | |
Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue expected to be recognized | 493,790 | [1] |
Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue expected to be recognized | 1,671 | [1] |
Fleet Vehicles and Services [Member] | ||
Revenue expected to be recognized | 272,399 | |
Fleet Vehicles and Services [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue expected to be recognized | 272,399 | [1] |
Fleet Vehicles and Services [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue expected to be recognized | [1] | |
Emergency Response Vehicles [Member] | ||
Revenue expected to be recognized | 190,583 | |
Emergency Response Vehicles [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue expected to be recognized | 188,938 | [1] |
Emergency Response Vehicles [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue expected to be recognized | 1,645 | [1] |
Specialty Chassis and Vehicles [Member] | ||
Revenue expected to be recognized | 32,479 | |
Specialty Chassis and Vehicles [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Revenue expected to be recognized | 32,453 | [1] |
Specialty Chassis and Vehicles [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue expected to be recognized | $ 26 | [1] |
[1] | Revenue above includes amounts related to extended warranties and roadside assistance contracts of $246 and $36 for one to 12 months and $621 and $26 for 13 months and beyond, respectively. |
Note 5 - Revenue - Revenue Ex_3
Note 5 - Revenue - Revenue Expected to Be Recognized (Details) (Parentheticals) | Jun. 30, 2019 |
Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Fleet Vehicles and Services [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Fleet Vehicles and Services [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Emergency Response Vehicles [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Emergency Response Vehicles [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Specialty Chassis and Vehicles [Member] | Short-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Specialty Chassis and Vehicles [Member] | Long-term Contract with Customer [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (Year) | 1 year |
Note 5 - Revenue - Disaggregate
Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 247,936 | $ 183,981 | $ 481,899 | $ 357,019 |
Transferred at Point in Time [Member] | ||||
Revenues | 89,397 | 67,046 | 185,522 | 119,871 |
Transferred over Time [Member] | ||||
Revenues | 158,539 | 116,935 | 296,377 | 237,148 |
Operating Segments [Member] | ||||
Revenues | 251,088 | 185,509 | 487,179 | 360,148 |
Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 92,549 | 67,046 | 190,802 | 119,871 |
Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 158,539 | 118,463 | 296,377 | 240,277 |
Consolidation, Eliminations [Member] | ||||
Revenues | (3,152) | (1,528) | (5,280) | (3,129) |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||||
Revenues | (3,152) | (5,280) | ||
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||||
Revenues | (1,528) | (3,129) | ||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 141,102 | 78,415 | 263,751 | 138,106 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 53,651 | 22,611 | 104,316 | 27,793 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 87,451 | 55,804 | 159,435 | 110,313 |
Emergency Response Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 68,263 | 59,615 | 130,020 | 126,328 |
Emergency Response Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 7,642 | 4,232 | 12,684 | 10,608 |
Emergency Response Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 60,621 | 55,383 | 117,336 | 115,720 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 41,723 | 47,479 | 93,408 | 95,714 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 31,256 | 40,203 | 73,802 | 81,470 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 10,467 | 7,276 | 19,606 | 14,244 |
UNITED STATES | ||||
Revenues | 231,817 | 175,870 | 453,917 | 339,485 |
UNITED STATES | Operating Segments [Member] | ||||
Revenues | 234,969 | 177,398 | 459,197 | 342,614 |
UNITED STATES | Consolidation, Eliminations [Member] | ||||
Revenues | (3,152) | (1,528) | (5,280) | (3,129) |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 132,477 | 75,818 | 250,295 | 134,339 |
UNITED STATES | Emergency Response Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 60,809 | 54,149 | 115,556 | 112,698 |
UNITED STATES | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 41,683 | 47,431 | 93,346 | 95,577 |
Non-US [Member] | ||||
Revenues | 16,119 | 8,111 | 27,982 | 17,534 |
Non-US [Member] | Operating Segments [Member] | ||||
Revenues | 16,119 | 8,111 | 27,982 | 17,534 |
Non-US [Member] | Consolidation, Eliminations [Member] | ||||
Revenues | ||||
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 8,625 | 2,597 | 13,456 | 3,767 |
Non-US [Member] | Emergency Response Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 7,454 | 5,466 | 14,464 | 13,630 |
Non-US [Member] | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | $ 40 | $ 48 | $ 62 | $ 137 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 218,148 | 218,148 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,800 | $ 1,800 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 182 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 175,988 | 175,988 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,400 | $ 1,400 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 146 days | ||
Restricted Stock Units (RSUs) [Member] | Board Members [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Expenses and Associated Tax Benefits for Outstanding Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Performance Shares [Member] | ||||
Expense | $ 140 | $ 140 | ||
Tax benefits | $ 17 | $ 17 | ||
Nonvested (in shares) | ||||
Nonvested, weighted average grant date fair value (in dollars per share) | ||||
Granted (in shares) | 218,148 | 218,148 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 8.99 | |||
Nonvested (in shares) | 218,148 | 218,148 | ||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 8.99 | $ 8.99 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Expense | $ 132 | $ 132 | ||
Tax benefits | $ 25 | $ 25 | ||
Nonvested (in shares) | ||||
Nonvested, weighted average grant date fair value (in dollars per share) | ||||
Granted (in shares) | 175,988 | 175,988 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 8.98 | |||
Nonvested (in shares) | 175,988 | 175,988 | ||
Nonvested, weighted average grant date fair value (in dollars per share) | $ 8.98 | $ 8.98 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Minimum [Member] | |
Leases, Remaining Lease Terms | 1 year |
Maximum [Member] | |
Leases, Remaining Lease Terms | 9 years |
Lessee, Operating Lease, Renewal Term | 5 years |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense and Information (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Operating leases | $ 1,727 | |
Short term leases(1) | 47 | [1] |
Total lease expense | $ 1,774 | |
Weighted average remaining lease term of operating leases (Year) | 5 years 36 days | |
Weighted average discount rate of operating leases | 4.70% | |
Operating cash flow from operating leases | $ 1,727 | |
Operating leases | 3,012 | |
Finance leases | ||
[1] | Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
2019(1) | $ 1,960 | [1] |
2020 | 3,453 | |
2021 | 2,793 | |
2022 | 2,418 | |
2023 | 2,431 | |
Thereafter | 4,611 | |
Total lease payments | 17,666 | |
Less: imputed interest | 2,519 | |
Total lease liabilities | $ 15,147 | |
[1] | Excluding the six months ended June 30, 2019. |
Note 7 - Leases - Future Mini_2
Note 7 - Leases - Future Minimum Capital Lease Commitments Under Non-cancelable Capital Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 | $ 3,291 |
2020 | 2,831 |
2021 | 2,193 |
2022 | 1,849 |
2023 | 1,863 |
Thereafter | 4,149 |
Total | $ 16,176 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Letters of Credit Outstanding, Amount | $ 896 | $ 913 |
Dissolution of Spartan-Gimaex Joint Venture [Member] | Spartan-Gimaex Joint Venture [Member] | ||
Inventory Write-down | 216 | |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance of accrued warranty | $ 16,090 | $ 18,268 |
Warranties issued during the period | 5,691 | 3,168 |
Cash settlements made during the period | (4,722) | (5,397) |
Changes in liability for pre-existing warranties during the period, including expirations | 52 | 155 |
Balance of accrued warranty | $ 17,111 | $ 16,194 |
Note 9 - Taxes on Income (Detai
Note 9 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.40% | 29.10% | 18.20% | 15.80% | 27.30% | |
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Amount | $ 296 | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 170 | $ 249 | ||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 1,333 |
Note 10 - Interest and Other _3
Note 10 - Interest and Other Income - Interest and Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net working capital settlement from acquisition of Smeal (1) | [1] | $ 1,500 | |||
Gain from adjustment of contingent liability from acquisition of Smeal (2) | [2] | 693 | |||
Smeal post-acquisition escrow receipt(3) | [3] | 1,000 | 1,000 | ||
Other miscellaneous | 147 | 832 | 482 | 232 | |
Total interest and other income | $ 1,147 | $ 832 | $ 1,482 | $ 2,425 | |
[1] | The net working capital settlement from the acquisition of Smeal was recorded to other income because the settlement occurred after the expiration of the measurement period on January 1, 2018. | ||||
[2] | This gain represents the reduction of a contingent liability from the Smeal acquisition that was made after the expiration of the measurement period on January 1, 2018. | ||||
[3] | This amount represents funds received from the Smeal escrow account for post-acquisition costs. |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Reportable Segments | 3 |
Note 11 - Business Segments - S
Note 11 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenues | $ 247,936 | $ 183,981 | $ 481,899 | $ 357,019 | |
Depreciation and amortization expense | 2,515 | 2,586 | 5,040 | 5,038 | |
Adjusted EBITDA | 9,486 | 8,885 | 14,118 | 14,491 | |
Segment assets | 394,808 | 329,684 | 394,808 | 329,684 | $ 353,784 |
Capital expenditures | 1,787 | 2,046 | 3,721 | 4,083 | |
Fleet Vehicle Sales [Member] | |||||
Revenues | 111,230 | 53,107 | 207,549 | 102,932 | |
Emergency Response Vehicles Sales [Member] | |||||
Revenues | 64,668 | 56,935 | 123,326 | 121,043 | |
Motorhome Chassis [Member] | |||||
Revenues | 28,653 | 37,184 | 68,939 | 76,751 | |
Other Specialty Vehicles [Member] | |||||
Revenues | 7,315 | 5,748 | 14,173 | 11,115 | |
Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 36,070 | 31,007 | 68,002 | 45,178 | |
Operating Segments [Member] | |||||
Revenues | 251,088 | 185,509 | 487,179 | 360,148 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||||
Revenues | 141,102 | 78,415 | 263,751 | 138,106 | |
Depreciation and amortization expense | 556 | 570 | 1,154 | 1,176 | |
Adjusted EBITDA | 7,920 | 8,374 | 14,895 | 12,961 | |
Segment assets | 149,793 | 103,812 | 149,793 | 103,812 | |
Capital expenditures | 552 | 761 | 698 | 1,565 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | 111,230 | 53,107 | 207,549 | 102,932 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Emergency Response Vehicles Sales [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 29,872 | 25,308 | 56,202 | 35,174 | |
Operating Segments [Member] | Emergency Response Vehicles [Member] | |||||
Revenues | 68,263 | 59,615 | 130,020 | 126,328 | |
Depreciation and amortization expense | 708 | 628 | 1,415 | 1,252 | |
Adjusted EBITDA | 1,113 | 193 | (1,179) | 1,435 | |
Segment assets | 137,254 | 111,255 | 137,254 | 111,255 | |
Capital expenditures | 154 | 29 | 208 | 154 | |
Operating Segments [Member] | Emergency Response Vehicles [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Emergency Response Vehicles [Member] | Emergency Response Vehicles Sales [Member] | |||||
Revenues | 64,668 | 56,935 | 123,236 | 121,043 | |
Operating Segments [Member] | Emergency Response Vehicles [Member] | Motorhome Chassis [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Emergency Response Vehicles [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Emergency Response Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 3,595 | 2,680 | 6,784 | 5,285 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | |||||
Revenues | 41,723 | 47,479 | 93,408 | 95,714 | |
Depreciation and amortization expense | 394 | 369 | 747 | 735 | |
Adjusted EBITDA | 5,083 | 4,391 | 10,047 | 7,513 | |
Segment assets | 34,306 | 31,772 | 34,306 | 31,772 | |
Capital expenditures | 74 | 41 | 306 | 97 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | 3,152 | 1,528 | 5,280 | 3,129 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Emergency Response Vehicles Sales [Member] | |||||
Revenues | |||||
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Motorhome Chassis [Member] | |||||
Revenues | 28,653 | 37,184 | 68,939 | 76,751 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | 7,315 | 5,748 | 14,173 | 11,115 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 2,603 | 3,019 | 5,016 | 4,719 | |
Consolidation, Eliminations [Member] | |||||
Revenues | (3,152) | (1,528) | (5,280) | (3,129) | |
Consolidation, Eliminations [Member] | Other Segments [Member] | |||||
Revenues | (3,152) | (1,528) | (5,280) | (3,129) | |
Depreciation and amortization expense | 857 | 1,019 | 1,724 | 1,875 | |
Adjusted EBITDA | (4,630) | (4,073) | (9,645) | (7,418) | |
Segment assets | 73,455 | 82,845 | 73,455 | 82,845 | |
Capital expenditures | 1,007 | 1,215 | 2,509 | 2,267 | |
Consolidation, Eliminations [Member] | Other Segments [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | (3,152) | (1,528) | (5,280) | (3,129) | |
Consolidation, Eliminations [Member] | Other Segments [Member] | Emergency Response Vehicles Sales [Member] | |||||
Revenues | |||||
Consolidation, Eliminations [Member] | Other Segments [Member] | Motorhome Chassis [Member] | |||||
Revenues | |||||
Consolidation, Eliminations [Member] | Other Segments [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | |||||
Consolidation, Eliminations [Member] | Other Segments [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues |
Note 11 - Business Segments - R
Note 11 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total segment adjusted EBITDA | $ 14,116 | $ 12,958 | $ 23,763 | $ 21,909 |
Interest expense | (313) | (270) | (687) | (592) |
Depreciation and amortization expense | (2,515) | (2,586) | (5,040) | (5,038) |
Restructuring expense | (71) | (797) | (183) | (817) |
Acquisition related expenses including stock compensation | (745) | (373) | (790) | (535) |
Litigation expense | (9) | (52) | ||
Nebraska flooding expenses | (123) | |||
Recall expense | (777) | (777) | ||
Recall expense | 443 | 443 | ||
Long-term strategic planning expense | (718) | (718) | ||
Executive compensation plan expense | (273) | (273) | ||
Impact of acquisition adjustments for net working capital and contingent liability | 693 | 2,193 | ||
Joint venture inventory adjustment | (216) | (216) | ||
Consolidated income before taxes | 4,352 | 5,277 | 5,902 | 9,427 |
Corporate, Non-Segment [Member] | ||||
Unallocated corporate expenses | $ (4,845) | $ (4,073) | $ (9,720) | $ (7,418) |